Displaying items by tag: advisors

Financial advice has long been seen as a luxury for the wealthy, but with new technology, that’s rapidly changing. Artificial intelligence is making high-quality financial guidance more accessible, helping advisors serve more people and empowering individuals to take control of their financial futures.

Today, only about 35% of Americans have a financial plan—a gap caused by high costs, limited access, and discomfort around discussing money. Traditional retirement strategies like the 4% withdrawal rule and fixed retirement ages are becoming outdated as lifespans lengthen and economic uncertainty grows. Many people rely on fragmented resources, such as online tools or informal advice, which often fail to create cohesive, personalized strategies.

Here’s where AI steps in:

• It delivers dynamic, real-time guidance tailored to individual life stages, financial goals, and challenges, far beyond what a static plan or annual review can offer.
• It democratizes access to planning tools, enabling younger investors, women, and middle-income families to build strong, personalized financial plans.
• It enhances professional advice by helping wealth managers streamline portfolio management, forecast needs, and deliver hyper-personalized service.

Finsum: For advisors helping clients plan for retirement, the right technology can help anyone make confident, informed decisions about their financial journey.

Edward Jones has launched a new private client service, Edward Jones Generations, targeting individuals with at least $10 million in investable assets. This strategic shift marks a significant expansion beyond the firm’s traditional Main Street clientele, positioning it to compete more directly with established wealth management giants like Morgan Stanley and UBS. 

The new offering delivers a suite of high-touch services, including access to alternative investments, trust and estate planning, business succession strategies, and collaborative tax and legal advising with partners like EY and Husch Blackwell. 

In addition to personalized planning, clients will benefit from dedicated teams and access to lending, cash management, and sophisticated portfolio construction support. The move aligns with Edward Jones’s broader strategy to evolve its business model, including the promotion of team-based advising and a strong emphasis on advanced certifications like the CFP designation. 

Finsum: Be sure to think about how your firm can support the types of clients you are seeking.

Edward Jones has expanded its separately managed account (SMA) offerings by adding 51 new strategies, bringing its total to around 120 as part of a broader effort to modernize and attract wealthier clients. 

These SMAs, overseen by third-party asset managers, offer financial advisors more flexibility and personalization options, with plans to grow the lineup to 300 by year-end. Roughly 8,800 of the firm’s 20,280 brokers currently use SMAs, which appeal to higher-net-worth clients due to benefits like tax efficiency and tailored portfolios. 

While Edward Jones doesn’t disclose specific SMA asset figures, about $860 billion of its $2.16 trillion in assets are held in advisory accounts. Edward Jones also introduced a proprietary SMA program last fall and continues to lower barriers for entry as SMA minimums become more accessible to a broader client base.

Finsum: These SMA offerings could be a game changer in the wealth management space. 

A shifting economic and demographic landscape is prompting financial advisors to evolve their strategies, particularly as women are set to control $34 trillion in U.S. assets by 2030. Yet, advisors currently manage a smaller share of female wealth, with many women engaging financial planners later in life. 

Remote work has also changed the profession, with more advisors and clients opting for virtual meetings, while new talent is emerging in nontraditional markets. Advisors are increasingly launching independent RIA firms and exploring complex tax strategies like delayed RMD withholding to better serve clients. 

Building strong, trusting relationships is now seen as more valuable to clients than investment advice alone, according to recent surveys. 

Finsum: As the great wealth transfer accelerates, buying and selling books of business is also gaining importance, with success hinging on transition planning, client retention, and profitability.

Independent financial advisors switching broker-dealers prioritize a smooth transition, supportive infrastructure, and a business-friendly environment with product and operational flexibility. 

Recruiter Derrick Friedman emphasizes that advisors now have the leverage to demand these conditions—and if broker-dealers (BDs) don’t meet them, they risk decline. Industry consolidation has shrunk the pool of large BDs, prompting many advisors to consider RIAs, especially those seeking fewer compliance burdens and more freedom to grow fee-based practices. 

Hybrid models remain attractive to advisors who still maintain transactional business and want to retain flexibility. Technology—like DocuSign—has reduced friction in transitions, making it easier for advisors to move their book of business quickly. 

Finsum: While RIAs are expanding rapidly, BDs aren't disappearing; instead, consolidation is pushing advisors and recruiters alike to explore a wider landscape of firms.